The findings came as some of the mortgage industry’s leading figures congregated at a one-day conference on ABS and the Legal Services Act.
In a survey of attendees, more than half confirmed that they were likely to create an ABS when the legislation comes into force on 6 October 2011, which will allow them to offer legal services under their existing business brand.
The event was held by law firm Goldsmith Williams and explored how businesses outside the legal sector can take advantage of the introduction of ABSs.
The firm believes that feedback marks a considerable change in ABS perceptions in the mortgage industry. In May, a survey carried out by Goldsmith Williams of its broker base found that 76.7% of brokers didn’t know what an ABS was, with 63% not understanding the full implications of the Legal Services Act.
Eddie Goldsmith, senior partner at Goldsmith Williams, said: “The feedback at the conference was in stark contrast to our survey results just two months ago. It’s clear that the mortgage sector is now getting to grips with ABS and this is set to bring a huge financial boost to the industry.
“Of course, as the hosts of the event we have a comprehensive understanding of all the benefits that implementing an ABS can bring to a business, but we were pleased to see that so many brokers and industry figures are embracing the opportunities it can present.
“At Goldsmith Williams we are well placed to advise businesses on the Legal Services Act and to work with those firms looking to create an ABS, and we are also offering free initial ABS consultations.
“The SRA will regulate ABSs heavily and so those businesses who prepare in advance of October 6 will be best placed to meet all the criteria and hit the ground running.”
